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Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2014
Condensed Consolidating Financial Information [Abstract] |
Condensed Consolidating Financial Information | 15. Condensed Consolidating Financial Information Our $700 million aggregate principal amount of senior unsecured notes co-issued by Genesis Energy, L.P. and Genesis Energy Finance Corporation are fully and unconditionally guaranteed jointly and severally by all of Genesis Energy, L.P.’s current and future 100% owned domestic subsidiaries, except Genesis Free State Pipeline, LLC, Genesis NEJD Pipeline, LLC and certain other minor subsidiaries. Genesis NEJD Pipeline, LLC is 100% owned by Genesis Energy, L.P., the parent company. The remaining non-guarantor subsidiaries are owned by Genesis Crude Oil, L.P., a guarantor subsidiary. Genesis Energy Finance Corporation has no independent assets or operations. See Note 7 for additional information regarding our consolidated debt obligations. The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries. Unaudited Condensed Consolidating Balance Sheet March 31, 2014
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 19 |  |  | $ | — |  |  | $ | 10,874 |  |  | $ | 783 |  |  | $ | — |  |  | $ | 11,676 |
Other current assets | 1,181,454 |  |  | — |  |  | 415,347 |  |  | 54,713 |  |  | (1,208,854 | ) |  | 442,660 |
Total current assets | 1,181,473 |  |  | — |  |  | 426,221 |  |  | 55,496 |  |  | (1,208,854 | ) |  | 454,336 |
Fixed assets, at cost | — |  |  | — |  |  | 1,298,704 |  |  | 116,739 |  |  | — |  |  | 1,415,443 |
Less: Accumulated depreciation | — |  |  | — |  |  | (193,084 | ) |  | (18,605 | ) |  | — |  |  | (211,689 | )
Net fixed assets | — |  |  | — |  |  | 1,105,620 |  |  | 98,134 |  |  | — |  |  | 1,203,754 |
Goodwill | — |  |  | — |  |  | 325,046 |  |  | — |  |  | — |  |  | 325,046 |
Other assets, net | 20,295 |  |  | — |  |  | 234,875 |  |  | 151,035 |  |  | (157,983 | ) |  | 248,222 |
Equity investees | — |  |  | — |  |  | 626,195 |  |  | — |  |  | — |  |  | 626,195 |
Investments in subsidiaries | 1,231,287 |  |  | — |  |  | 126,331 |  |  | — |  |  | (1,357,618 | ) |  | — |
Total assets | $ | 2,433,055 |  |  | $ | — |  |  | $ | 2,844,288 |  |  | $ | 304,665 |  |  | $ | (2,724,455 | ) |  | $ | 2,857,553 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |
Current liabilities | $ | 11,756 |  |  | $ | — |  |  | $ | 1,580,761 |  |  | $ | 17,926 |  |  | $ | (1,209,010 | ) |  | $ | 401,433 |
Senior secured credit facility | 640,500 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 640,500 |
Senior unsecured notes | 700,740 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,740 |
Deferred tax liabilities | — |  |  | — |  |  | 16,285 |  |  | — |  |  | — |  |  | 16,285 |
Other liabilities | — |  |  | — |  |  | 14,833 |  |  | 161,510 |  |  | (157,807 | ) |  | 18,536 |
Total liabilities | 1,352,996 |  |  | — |  |  | 1,611,879 |  |  | 179,436 |  |  | (1,366,817 | ) |  | 1,777,494 |
Partners’ capital | 1,080,059 |  |  | — |  |  | 1,232,409 |  |  | 125,229 |  |  | (1,357,638 | ) |  | 1,080,059 |
Total liabilities and partners’ capital | $ | 2,433,055 |  |  | $ | — |  |  | $ | 2,844,288 |  |  | $ | 304,665 |  |  | $ | (2,724,455 | ) |  | $ | 2,857,553 |
Unaudited Condensed Consolidating Balance Sheet December 31, 2013
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 20 |  |  | $ | — |  |  | $ | 8,061 |  |  | $ | 785 |  |  | $ | — |  |  | $ | 8,866 |
Other current assets | 1,133,695 |  |  | — |  |  | 498,230 |  |  | 54,199 |  |  | (1,159,767 | ) |  | 526,357 |
Total current assets | 1,133,715 |  |  | — |  |  | 506,291 |  |  | 54,984 |  |  | (1,159,767 | ) |  | 535,223 |
Fixed assets, at cost | — |  |  | — |  |  | 1,211,356 |  |  | 116,618 |  |  | — |  |  | 1,327,974 |
Less: Accumulated depreciation | — |  |  | — |  |  | (181,905 | ) |  | (17,325 | ) |  | — |  |  | (199,230 | )
Net fixed assets | — |  |  | — |  |  | 1,029,451 |  |  | 99,293 |  |  | — |  |  | 1,128,744 |
Goodwill | — |  |  | — |  |  | 325,046 |  |  | — |  |  | — |  |  | 325,046 |
Other assets, net | 21,432 |  |  | — |  |  | 238,282 |  |  | 152,413 |  |  | (159,185 | ) |  | 252,942 |
Equity investees | — |  |  | — |  |  | 620,247 |  |  | — |  |  | — |  |  | 620,247 |
Investments in subsidiaries | 1,236,164 |  |  | — |  |  | 124,718 |  |  | — |  |  | (1,360,882 | ) |  | — |
Total assets | $ | 2,391,311 |  |  | $ | — |  |  | $ | 2,844,035 |  |  | $ | 306,690 |  |  | $ | (2,679,834 | ) |  | $ | 2,862,202 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |
Current liabilities | $ | 10,002 |  |  | $ | — |  |  | $ | 1,576,186 |  |  | $ | 19,660 |  |  | $ | (1,159,295 | ) |  | $ | 446,553 |
Senior secured credit facility | 582,800 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 582,800 |
Senior unsecured notes | 700,772 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,772 |
Deferred tax liabilities | — |  |  | — |  |  | 15,944 |  |  | — |  |  | — |  |  | 15,944 |
Other liabilities | — |  |  | — |  |  | 14,664 |  |  | 162,739 |  |  | (159,007 | ) |  | 18,396 |
Total liabilities | 1,293,574 |  |  | — |  |  | 1,606,794 |  |  | 182,399 |  |  | (1,318,302 | ) |  | 1,764,465 |
Partners’ capital | 1,097,737 |  |  | — |  |  | 1,237,241 |  |  | 124,291 |  |  | (1,361,532 | ) |  | 1,097,737 |
Total liabilities and partners’ capital | $ | 2,391,311 |  |  | $ | — |  |  | $ | 2,844,035 |  |  | $ | 306,690 |  |  | $ | (2,679,834 | ) |  | $ | 2,862,202 |
Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 2014
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
REVENUES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics | $ | — |  |  | $ | — |  |  | $ | 942,037 |  |  | $ | 32,211 |  |  | $ | (29,642 | ) |  | $ | 944,606 |
Refinery services | — |  |  | — |  |  | 51,730 |  |  | 6,074 |  |  | (3,611 | ) |  | 54,193 |
Pipeline transportation services | — |  |  | — |  |  | 14,607 |  |  | 6,313 |  |  | — |  |  | 20,920 |
Total revenues | — |  |  | — |  |  | 1,008,374 |  |  | 44,598 |  |  | (33,253 | ) |  | 1,019,719 |
COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics costs | — |  |  | — |  |  | 911,120 |  |  | 30,874 |  |  | (29,640 | ) |  | 912,354 |
Refinery services operating costs | — |  |  | — |  |  | 31,591 |  |  | 5,846 |  |  | (4,242 | ) |  | 33,195 |
Pipeline transportation operating costs | — |  |  | — |  |  | 7,055 |  |  | 423 |  |  | — |  |  | 7,478 |
General and administrative | — |  |  | — |  |  | 11,980 |  |  | 30 |  |  | — |  |  | 12,010 |
Depreciation and amortization | — |  |  | — |  |  | 17,995 |  |  | 1,285 |  |  | — |  |  | 19,280 |
Total costs and expenses | — |  |  | — |  |  | 979,741 |  |  | 38,458 |  |  | (33,882 | ) |  | 984,317 |
OPERATING INCOME | — |  |  | — |  |  | 28,633 |  |  | 6,140 |  |  | 629 |  |  | 35,402 |
Equity in earnings of subsidiaries | 42,579 |  |  | — |  |  | 2,164 |  |  | — |  |  | (44,743 | ) |  | — |
Equity in earnings of equity investees | — |  |  | — |  |  | 7,818 |  |  | — |  |  | — |  |  | 7,818 |
Interest (expense) income, net | (12,804 | ) |  | — |  |  | 3,966 |  |  | (3,966 | ) |  | — |  |  | (12,804 | )
Income before income taxes | 29,775 |  |  | — |  |  | 42,581 |  |  | 2,174 |  |  | (44,114 | ) |  | 30,416 |
Income tax expense | — |  |  | — |  |  | (587 | ) |  | (54 | ) |  | — |  |  | (641 | )
Income from continuing operations | 29,775 |  |  | — |  |  | 41,994 |  |  | 2,120 |  |  | (44,114 | ) |  | 29,775 |
Income from discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
NET INCOME | $ | 29,775 |  |  | $ | — |  |  | $ | 41,994 |  |  | $ | 2,120 |  |  | $ | (44,114 | ) |  | $ | 29,775 |
Unaudited Condensed Consolidating Statement of Operations Three Months Ended March 31, 2013
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
REVENUES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics | $ | — |  |  | $ | — |  |  | $ | 938,083 |  |  | $ | 38,945 |  |  | $ | (32,483 | ) |  | $ | 944,545 |
Refinery services | — |  |  | — |  |  | 47,767 |  |  | 5,563 |  |  | (3,846 | ) |  | 49,484 |
Pipeline transportation services | — |  |  | — |  |  | 14,126 |  |  | 6,653 |  |  | — |  |  | 20,779 |
Total revenues | — |  |  | — |  |  | 999,976 |  |  | 51,161 |  |  | (36,329 | ) |  | 1,014,808 |
COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Supply and logistics costs | — |  |  | — |  |  | 916,808 |  |  | 34,291 |  |  | (32,483 | ) |  | 918,616 |
Refinery services operating costs | — |  |  | — |  |  | 31,167 |  |  | 5,282 |  |  | (4,006 | ) |  | 32,443 |
Pipeline transportation operating costs | — |  |  | — |  |  | 6,754 |  |  | 330 |  |  | — |  |  | 7,084 |
General and administrative | — |  |  | — |  |  | 11,578 |  |  | 33 |  |  | — |  |  | 11,611 |
Depreciation and amortization | — |  |  | — |  |  | 14,147 |  |  | 902 |  |  | — |  |  | 15,049 |
Total costs and expenses | — |  |  | — |  |  | 980,454 |  |  | 40,838 |  |  | (36,489 | ) |  | 984,803 |
OPERATING INCOME | — |  |  | — |  |  | 19,522 |  |  | 10,323 |  |  | 160 |  |  | 30,005 |
Equity in earnings of subsidiaries | 34,252 |  |  | — |  |  | 6,238 |  |  | — |  |  | (40,490 | ) |  | — |
Equity in earnings of equity investees | — |  |  | — |  |  | 3,936 |  |  | — |  |  | — |  |  | 3,936 |
Interest (expense) income, net | (11,406 | ) |  | — |  |  | 4,047 |  |  | (4,082 | ) |  | — |  |  | (11,441 | )
Income before income taxes | 22,846 |  |  | — |  |  | 33,743 |  |  | 6,241 |  |  | (40,330 | ) |  | 22,500 |
Income tax benefit (expense) | — |  |  | — |  |  | 257 |  |  | (54 | ) |  | — |  |  | 203 |
Income from continuing operations | 22,846 |  |  | — |  |  | 34,000 |  |  | 6,187 |  |  | (40,330 | ) |  | 22,703 |
Income from discontinued operations | — |  |  | — |  |  | 143 |  |  | — |  |  | — |  |  | 143 |
NET INCOME | $ | 22,846 |  |  | $ | — |  |  | $ | 34,143 |  |  | $ | 6,187 |  |  | $ | (40,330 | ) |  | $ | 22,846 |
Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2014
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities | $ | (27,470 | ) |  | $ | — |  |  | $ | 162,508 |  |  | $ | 2,522 |  |  | $ | (31,472 | ) |  | $ | 106,088 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Payments to acquire fixed and intangible assets | — |  |  | — |  |  | (104,130 | ) |  | (124 | ) |  | — |  |  | (104,254 | )
Cash distributions received from equity investees - return of investment | 17,222 |  |  | — |  |  | 2,636 |  |  | — |  |  | (17,222 | ) |  | 2,636 |
Investments in equity investees |  |  |  | — |  |  | (10,709 | ) |  | — |  |  | — |  |  | (10,709 | )
Repayments on loan to non-guarantor subsidiary | — |  |  | — |  |  | 1,201 |  |  | — |  |  | (1,201 | ) |  | — |
Proceeds from asset sales | — |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | 72 |
Other, net | — |  |  | — |  |  | (1,270 | ) |  | — |  |  | — |  |  | (1,270 | )
Net cash provided by (used) in investing activities | 17,222 |  |  | — |  |  | (112,200 | ) |  | (124 | ) |  | (18,423 | ) |  | (113,525 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior secured credit facility | 249,900 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 249,900 |
Repayments on senior secured credit facility | (192,200 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (192,200 | )
Distributions to partners/owners | (47,453 | ) |  | — |  |  | (47,453 | ) |  | (1,251 | ) |  | 48,704 |  |  | (47,453 | )
Other, net | — |  |  | — |  |  | (42 | ) |  | (1,149 | ) |  | 1,191 |  |  | — |
Net cash provided by (used in) financing activities | 10,247 |  |  | — |  |  | (47,495 | ) |  | (2,400 | ) |  | 49,895 |  |  | 10,247 |
Net (decrease) increase in cash and cash equivalents | (1 | ) |  | — |  |  | 2,813 |  |  | (2 | ) |  | — |  |  | 2,810 |
Cash and cash equivalents at beginning of period | 20 |  |  | — |  |  | 8,061 |  |  | 785 |  |  | — |  |  | 8,866 |
Cash and cash equivalents at end of period | $ | 19 |  |  | $ | — |  |  | $ | 10,874 |  |  | $ | 783 |  |  | $ | — |  |  | $ | 11,676 |
Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2013
| Genesis Energy, L.P. (Parent and Co-Issuer) |  | Genesis Energy Finance Corporation (Co-Issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Genesis Energy, L.P. Consolidated
Net cash (used in) provided by operating activities | $ | (73,458 | ) |  | $ | — |  |  | $ | 145,881 |  |  | $ | 9,500 |  |  | $ | (43,107 | ) |  | $ | 38,816 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Payments to acquire fixed and intangible assets | — |  |  | — |  |  | (41,950 | ) |  | (5,201 | ) |  | — |  |  | (47,151 | )
Cash distributions received from equity investees - return of investment | — |  |  | — |  |  | 3,583 |  |  | — |  |  | — |  |  | 3,583 |
Investments in equity investees | — |  |  | — |  |  | (64,534 | ) |  | — |  |  | — |  |  | (64,534 | )
Repayments on loan to non-guarantor subsidiary | — |  |  | — |  |  | 1,086 |  |  | — |  |  | (1,086 | ) |  | — |
Proceeds from asset sales | — |  |  | — |  |  | 332 |  |  | — |  |  | — |  |  | 332 |
Other, net | — |  |  | — |  |  | 749 |  |  | 6 |  |  | — |  |  | 755 |
Net cash used in investing activities | — |  |  | — |  |  | (100,734 | ) |  | (5,195 | ) |  | (1,086 | ) |  | (107,015 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior secured credit facility | 386,400 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 386,400 |
Repayments on senior secured credit facility | (615,400 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (615,400 | )
Proceeds from issuance of senior unsecured notes, including premium | 350,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,000 |
Debt issuance costs | (8,157 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,157 | )
Distributions to partners/owners | (39,390 | ) |  | — |  |  | (39,390 | ) |  | (3,727 | ) |  | 43,117 |  |  | (39,390 | )
Other, net | — |  |  | — |  |  | (1,135 | ) |  | (494 | ) |  | 1,076 |  |  | (553 | )
Net cash provided by (used in) financing activities | 73,453 |  |  | — |  |  | (40,525 | ) |  | (4,221 | ) |  | 44,193 |  |  | 72,900 |
Net (decrease) increase in cash and cash equivalents | (5 | ) |  | — |  |  | 4,622 |  |  | 84 |  |  | — |  |  | 4,701 |
Cash and cash equivalents at beginning of period | 10 |  |  | — |  |  | 11,214 |  |  | 58 |  |  | — |  |  | 11,282 |
Cash and cash equivalents at end of period | $ | 5 |  |  | $ | — |  |  | $ | 15,836 |  |  | $ | 142 |  |  | $ | — |  |  | $ | 15,983 |

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